Thanks for the responses, it will definitely give me some things to think about. I understand you're an expert so I will have to think about your comments in more detail, but I'd just like to comment on a few things.

Bad move, unfortunately I will have to think about this some more. I am not totally convinced. I do not foresee a cash flow issue. Even after refinancing to a 10 year, my mortgage is less than 20% of my net income. When I did the refinance, it was with the intent of investing the cashed out equity into stocks.

Do you make nothing in your regular profession? Or do you earn less than the local handyman rates? I am a salaried employee and don't make extra income by working more hours. It isn't a tradeoff. I wouldn't do this with 20 units, but as long as I can manage it with one I plan to.

Increased equity is not profits... its merely the gradual accumulation of your net worth in one particular asset bucket versus others.I understand that and maybe I wasn't clear. If I can determine that the property is cash flow neutral or positive with ALL costs taken into account, then the equity is actually the money moved from the renter's bucket to my bucket. This is where I have to do some more calculations with various assumptions. I really just meant I want to be conservative with my calculations and will only do the deal if it is profitable even if the property value never increases.

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